Chapter 3.xlsx - 1 Cash AR Inventories The trial balance...

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1 Cash AR Inventories Equpment (net) AP Wages pbl. Interest pbl. Note payable Common stock Current assets 82000 Current liabilities 40000 2 Cash AR Inventories Equipment (net) AP Wages pbl. Interest pbl. Note pbl Common stock Determine the year end balance in retained earnings for K and J Nursery, Inc. Debits: Cash 32000 Credits: AP 30000 AR 27000 Wages pbl. 13000 Inventories 41000 Interest pbl. 9000 Equipment (net) 96000 Note pbl 46000 Common stock 82000 Total: 196000 180000 Difference: 16000 Retained earnings 16000 The trial balance for K and J Nursery, Inc., listed the following account balances at December 31, 2016, the end of its fiscal year: cash, $26,000; accounts receivable, $21,000; inventories, $35,000; equipment (net), $90,000; accounts payable, $24,000; wages payable, $10,000; interest payable, $6,000; note payable (due in 18 months), $40,000; common stock, $70,000. Calculate total current assets and total current liabilities that would appear in the company's year-e sheet. The trial balance for K and J Nursery, Inc., listed the following account balances at December 31, 2016, the end of its fiscal year: cash, $32,000; accounts receivable, $27,000; inventories, $41,000; equipment (net), $96,000; accounts payable, $30,000; wages payable, $13,000; interest payable, $9,000; note payable (due in 18 months), $46,000; common stock, $82,000.
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3 Cash AR Inventories Equip. (net) AP Wages pbl Interest pbl Note pbl Common stock Equipment K AND J NURSERY, INC Balance Sheet At December 31, 2016 Assets Current assets Cash 18000 AR 13000 Inventories 27000 Total current assets 58000 Property, plant, and equipment Equipment 125000 Accumulated depreciation -43000 Net property, plant, and equipment 82000 Total assets 140000 Liabilities and Shareholders' Equity Current liabilites Accounts payable 16000 Wages payable 6000 Interest payable 2000 Total current liabilities 24000 Long-term liabilities Note payable 32000 Shareholders' equity Common stock 54000 Retained earnings 30000 The trial balance for K and J Nursery, Inc., listed the following account balances at December 31, 2016, the end of its fiscal year: cash, $18,000; accounts receivable, $13,000; inventories, $27,000; equipment (net), $82,000; accounts payable, $16,000; wages payable, $6,000; interest payable, $2,000; note payable (due in 18 months), $32,000; common stock, $54,000. Prepare a classified balance sheet for K and J Nursery, Inc. The equipment originally cost $125,000
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Total shareholders' equity 84000 Total liabilities and shareholders' equity 140000 4 The following is a December 31, 2016, post-closing trial balance for Culver City Lighting, Account Debits Credits Cash $ 71,000.00 AR $ 55,000.00 Inventories $ 61,000.00 Prepaid insurance $ 31,000.00 Equipment $ 150,000.00 Accumulated depreciation - equipment $ 50,000.00 Patent, net $ 56,000.00 AP $ 20,000.00 Interest payable $ 10,000.00 Note payable (due in 10 equal installments) $ 170,000.00 Common stock $ 86,000.00 Retained earnings $ 88,000.00 Totals: $ 424,000.00 $ 424,000.00 Prepare a classified balance sheet for Culver City Lighting, Inc. CULVER CITY LIGHTING, INC Balance Sheet At December 31, 2016 Assets Current assets Cash $ 71,000.00 Accounts receivable $ 55,000.00 Inventories $ 61,000.00 Prepaid insurance $ 31,000.00 Total current assets $ 218,000.00 Property, plant and equipment Equipment $ 150,000.00 Accumulated depreciation $ (50,000.00) Net property, plant and equipment $ 100,000.00 Intangible assets Patent $ 56,000.00 Total assets $ 374,000.00
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Liabilities and Shareholders' Equity Current liabilities Accounts payable $ 20,000.00 Interest payable $ 10,000.00 Current maturities of long-term debt $ 17,000.00 Total current liabilities $ 47,000.00
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